Colgate-Palmolive Company reported strong financial performance for the third quarter and the first nine months of 2024, with notable increases in net sales, gross profit, and net income compared to the same periods in 2023.
For the three months ended September 30, 2024, net sales reached $5,033 million, a 2.4% increase from $4,915 million in Q3 2023. Gross profit also rose to $3,074 million from $2,877 million, reflecting a gross profit margin improvement to 61.1% from 58.5%. Operating profit for the quarter was $1,065 million, up from $1,029 million, while net income attributable to Colgate-Palmolive increased to $737 million from $708 million, resulting in earnings per share of $0.90, compared to $0.86 in the prior year.
For the nine months ended September 30, 2024, net sales totaled $15,156 million, a 4.5% increase from $14,507 million in the same period of 2023. Gross profit for this period was $9,179 million, up from $8,376 million, with a gross profit margin of 60.6%, compared to 57.7% in the previous year. Operating profit for the nine months increased to $3,205 million from $2,912 million, and net income attributable to Colgate-Palmolive rose significantly to $2,150 million from $1,582 million, with earnings per share increasing to $2.61 from $1.90.
The company's performance was bolstered by organic sales growth of 6.8% in Q3 2024 and 8.5% for the nine-month period. The Oral, Personal and Home Care segment saw net sales of $3,907 million in Q3 2024, up 1.3% year-over-year, while the Hill’s Pet Nutrition segment reported a 6.3% increase in net sales to $1,126 million.
Colgate-Palmolive also faced challenges, including a negative foreign exchange impact of 4.4% on sales and increased selling, general, and administrative expenses, which rose 9% to $1,979 million in Q3 2024. The company has been implementing its 2022 Global Productivity Initiative, incurring charges of $15 million in Q3 2024, with total expected pretax charges from the initiative estimated at $225 million.
As of September 30, 2024, cash and cash equivalents stood at $1,234 million, up from $966 million at the end of 2023. The company continues to navigate global macroeconomic challenges, including inflation and supply chain issues, while focusing on strategic growth initiatives and operational efficiency.
About COLGATE PALMOLIVE CO
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